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What is 'Fair Market Value - FMV' In its simplest sense, fair market value (FMV) is the price that property would sell for on the open market.
The fair market value of a property is described as the price at which a seller is willing to sell and the price at which a buyer is willing to buy. The real estate surrounding a particular property has a large influence on the value of it.. Search for comps on a real estate values website or the county website for the property. Find and evaluate three to five homes, in the same neighborhood as your property, that were sold in the last 90 to 120 days.